Crude oil price is holding around $114 per barrel because of tight supplies. The US refineries are processing at the highest pace since the pandemic began, at 93 percent. Self-sanctions from many European companies continue to add a premium to prices.
However, product prices seem to be running even higher. The US natural gas price is at a 2008 high, above $9 per MMBtu. The markets believe that $10-11 per MMBtu would be high in this rally. The all-time high is at around $13 per MMBtu.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.
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